Crypto Academy Season 5 Beginners' course - Task 6: Different types of Consensus Mechanisms
Blockchain Consensus Mechanism
Unlike a centralized thing, in which the top-down hierarchy exists, Blockchain ideally follows a flat topology. There are so many nodes that join a Blockchain Network, and all of them have the same copy of the Blockchain. For safety, security and to maintain the root-of-trust the nodes participating in a Blockchain network must reach a consensus. That is also essential to make sure that the transactions being recorded in the Blockchain are secured and verified.
How the consensus is being reached among the peers/nodes depends on the type of consensus protocol adopted in a particular Blockchain. Consensus protocol helps to establish the valid Blockchain at any given time, and the new blocks are added to the valid Blockchain, the one, and the only version that exists for a network with root-of-trust as the genesis block.
- All the nodes agree to a single history.
- The longest chain is the valid chain.
Proof-of-Work(PoW)
PoW consensus mechanism requires a lot of computing effort to solve the complex mathematical puzzle, and the miners are tasked to validate the transaction, record them on the public ledger, which also becomes a part of the "chain of blocks".
Whenever a transaction in the Blockchain network is initiated it will go into the unconfirmed pool, then the miners are tasked to solve the cryptographic puzzle to verify and validate the transaction. The one that is validated is added in the Block (along with a timestamp and its previous timestamp). Any second attempt to spend the same amount will be invalidated and pulled out from the network.
In case both the transactions are taken simultaneously from the unconfirmed pool, the one which got the first confirmation is considered valid.
Further, the speed depends on the Block producing time of a particular network. For Bitcoin it is 10 mins whereas for Litecoin is it 2.5 mins, both use the PoW mechanism to reach a consensus.
In PoW, the selection of miners is random. PoW ensures a better degree of decentralization but limits scaling capacity and is energy inefficient.
Proof-of-Stake(PoS)
PoS is a deterministic approach, here the Block creator/validator is chosen based on the defined stake and in proportion to the stake, which means the higher the stake higher is the chance to become a validator to mint a Block. It does not require a mining rig, hence it is energy efficient. PoS also helps the price dynamics of the tokens as a certain percentage always remains locked.
Economic stake & incentive mechanism in PoS are key aspects to reach consensus.
The PoS model may be energy efficient and may also attract stakeholders to earn better rewards, but it tends to be centralized and less secure than PoW.
Example-- DASH, NEO, TEZOS, Etherum has already announced to switch from PoW to PoS.
Delegated-Proof-of-Stake(DPoS)
In DPoS, the stakeholders can delegate their power. So a stakeholder can vote for delegates. In PoS the stakeholders directly participate to validate a network, whereas, in DPoS, the elected delegates participate to validate the network.
DPoS significantly improves the scaling capacity. The modern-day Blockchains with high scaling capacity adopt DPoS with the popular ones being Tron Blockchain, EOS, Steem Blockchain, LISK, etc.
In DPoS, those who have a higher stake in Blockchain's native coin have greater influence in determining the elected delegates(or consensus witnesses). The number of delegates(or witnesses) may vary from one network to the other. For example, Tron has 27 Super Representatives, Steem Blockchain has (20+1) consensus witnesses.
Proof-of-Capacity(PoC)
In PoW, a miner has to invest in hardware, in PoS, a validator has to invest in Blockchain's native coin. In a similar way, in PoC, a validator has to invest in hard disk space. More the hard disk space more is the chance to become a validator.
PoC works by plotting and mining. The large nos of data sets known as plots are required to be stored in the hard drive, more such plots increase the chances of mining a block.
PoC is energy efficient but susceptible to malware risk.
Example-- Burstcoin uses the PoC consensus mechanism.
Proof-of-Burn(PoB)
In PoW, a miner invest in a mining rig, in PoB, a miner has to burn the coin to buy a virtual mining rig that allows them to become a miner. In this process, the miners are required to send the coins to an address that is unrecoverable/unspendable.
The selection of miners in PoB is also random(similar to PoW). The miners are required to burn more coins to improve the odds of mining a block.
Miners burn native coins/coins of an alternate chain to become miners and in return, they earn the network's native coin as a mining reward.
Example- Slimcoin
Practical Byzantine Fault Tolerant (pBFT)
pBFT is another consensus mechanism in which a network can still reach consensus even when one-third of the nodes are malicious. In other words, pBFT can work only when the maximum number of malicious nodes is not greater than one-third of all the nodes in the network.
In pBFT, the primary nodes first broadcast the messages to the secondary nodes and the secondary nodes perform the service and send back a reply. Consensus is reached when it receives m+1 replies, where m is the maximum nos of faulty nodes allowed(maximum= one-third of the total nodes).
pBFT is energy efficient, it does not require multiple confirmations either. But communication overload is significant in pBFT.
In general, pBFT is used as a combination with other consensus mechanisms.
Example-- Zilliqa (pBFT+PoW)
Homework Task-6
(1) What is the difference between PoW & PoS? Advantages & Disadvantages? Which one is better in scaling Capacity? Examples?
(2) What is the difference between PoS & DPoS? Advantages & Disadvantages? Name a few Blockchain projects which use the DPoS consensus mechanism and indicate the scaling capacity?
(3) Name a few Blockchain projects which use dBFT in combination with other consensus mechanisms? Indicate the scaling capacity? Explain dBFT along with the pros and cons?
Guidelines
(1) Your article should be at least 300 words.
(2) This homework task does not have an expiry, however, you can submit your assignment only once. If you have already completed Task-4 of Beginner[Fixed] in Season 3, then you do not need to attempt this Task again. Your label will be updated according to Sl no of Task(Season 4).
(3) Eligibility Criteria--
- Must have a reputation of 50 or above
- Must have at least 150 SP (excluding any SP delegated-in, Delegating to vote-buying services is viewed negatively)
- Must have completed Achievement Task-4 in Newcomers' Community
(4) Add tag #academys5-intro06 #cryptoacademy in your post and should be among the first five tags. And also make sure you post in the Steemit Crypto Academy community.
(5) You can attempt anyone out of the three questions, but you must write the entire Question in Bold letter at the beginning of the post.
(6) Your homework title should be Your homework title should be [Your Title] - Steemit Crypto Academy Season 5 - Homework Post for Task 6. For Example-- Different types of Consensus Mechanisms - Steemit Crypto Academy Season 5 - Homework Post for Task 6.
Thank you.
Here is my homework
https://steemit.com/hive-108451/@supo1/difference-between-pos-and-dpos-or-steemit-crypto-academy-season-4-homework-post-for-task-3
Hello prof @sapwood,thanks for the lecture. Meanwhile, here is the link to my homework post for task 6:
https://steemit.com/hive-108451/@simeon00/steemit-crypto-academy-season-4-beginners-course-homework-post-for-task-6-title-different-types-of-consensus-mechanisms
Prof @sapwood, @dilchamo, this is my homework post
https://steemit.com/hive-108451/@jaspichman125/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-or-or-by-jaspichman125
Thanks
Saludos, aqui dejo mi participación de esta clase:
https://steemit.com/hive-108451/@isabelfrancis28/curso-para-principiantes-de-la-temporada-4-de-crypto-academy-tarea-6-diferentes-tipos-de-mecanismos-de-consenso
Gracias😀
Thank you prof for your enlightening teaching.
Below is my assignment link:
https://steemit.com/academys4-intro02/@ezege11/steemit-crypto-a-cademy-season-4-beginners-course-homework-post-for-task-2
Hello Prof @sapwood, I made this post for Prof @yousafharoonkhan and the post Is ellapsing 3days and it has not been rated.
The post before mine has paid out without being rated and I don't want mine to happen that way, please come to my aid Prof.
Here is my entry
https://steemit.com/hive-108451/@jueco/steemit-crypto-academy-season4-beginners-course-homework-post-for-task-4-blockchain-decentralization-block-explorer
Hello Dear professor @sapwood, here is my assignment submission..
https://steemit.com/hive-108451/@rhyda/crypto-academy-season-4-beginners-course-homework-post-for-task-6-proof-of-work-and-proof-of-stake-or-or-by-rhyda
Hello, Prof @sapwood
This is the link to my assignment
https://steemit.com/hive-108451/@smartcliff/steemitcryptoacademy-season-4-beginners-course-homework-post-for-task-6-pos-and-pow
my task
https://steemit.com/hive-108451/@alejos7ven/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-or-by-alejos7ven
I appreciate you @sapwood for the teaching below is the link to my assignment;
https://steemit.com/hive-108451/@ezege11/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanism-or-or-by-ezege11
Saludos, muy buenos días :D, disculpen @dilchamo, @nane15, mi tarea sobre los mecanismos de consenso ya tiene 5 días de elaborada y aún no ha sido corregida. Podrian ayudarme por favor🙏
Por aquí dejo de nuevo el enlace:
https://steemit.com/hive-108451/@isabelfrancis28/curso-para-principiantes-de-la-temporada-4-de-crypto-academy-tarea-6-diferentes-tipos-de-mecanismos-de-consenso
Muchas gracias!!
Here is my homework post
https://steemit.com/hive-108451/@wireless07/proof-of-work-and-proof-of-stake-steemit-crypto-academy-season-4-homework-post-for-task-6
Good day professor @sapwood. This is the netry to my assignment. Thank you
https://steemit.com/hive-108451/@kingmyke/steemit-crypto-academy-season-4-beginners-course-homework-post-for-task-6-different-types-of-consensus-mechanisms-by-kingmyke
Buenas tardes, aqui mi participación: https://steemit.com/hive-108451/@claravel/pow-vs-pos-by-claravel-temporada-4-de-steemit-crypto-academy-publicacion-de-tarea-para-la-tarea-3
Buen día profesor @sapwood, aquí mi tarea https://steemit.com/hive-108451/@benkhenvill/diferentes-tipos-de-mecanismos-de-consenso-temporada-4-de-steemit-crypto-academy-publicacion-de-tareas-para-la-tarea-3-por
Prof. Please my link:
Different types of Consensus Mechanisms - Steemit Crypto Academy Season 4 - Homework Post for Task 6. || By @justiceanietie
Here is my homework dear professer.
https://steemit.com/hive-108451/@malikusman1/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-or-or-by-malikusman1
Hello professor,
My homework has not been rated for the last 5 days. Could you please check? Thanks @sapwood
Here is the link;
https://steemit.com/hive-108451/@bubbling/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-bubbling
Good day prof @sapwood. My work has not been curated yet. Here it is
https://steemit.com/hive-108451/@kingmyke/steemit-crypto-academy-season-4-beginners-course-homework-post-for-task-6-different-types-of-consensus-mechanisms-by-kingmyke
https://steemit.com/hive-108451/@benjamin09/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6-or-by-benjamin09
Hi professor, here's my participation for the homework post task-6.
My entry
https://steemit.com/hive-108451/@ederra/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-by-ederra
My assignment link
https://steemit.com/hive-108451/@sherazsultan/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms
Hello, Prof @sapwood
This is the link to my assignment;
https://steemit.com/hive-108451/@sonia440/6ufbwb-crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanism-or-or-by-sonia440
Saludos, aqui mi tarea 6: https://steemit.com/hive-108451/@helypm/curso-para-principiantes-de-la-temporada-4-de-crypto-academy-tarea-6-diferentes-tipos-de-mecanismos-de-consenso-by-helypm
Good day Professor @sapwood,here is my assignment
CC:
@dilchamo
@nane15
Good day professors @sapwood @nane15 and @dilchamo
My assignment task 6 has been marked and curated but I have not been labeled…. It is 3days old already
Thanks
Greetings professors, below is my entry:
Crypto Academy Season 4 Beginners' course - Task 6: Different types of Consensus Mechanisms
Hello Prof. @sapwood
Here is my homework for Beginners course, Task 6
https://steemit.com/hive-108451/@advokate/steemit-crypto-academy-season-4-homework-post-for-sapwood-or-task-6-different-types-of-consensus-mechanism
here is my entry
https://steemit.com/hive-108451/@wiltord/beginners-course-homework-post-for-task-6-title-different-types-of-consensus-mechanisms-submitted-by-wiltord
Greeting professor @sapwood, here is my post
https://steemit.com/hive-108451/@moureenbronia/steemit-crypto-academy-season-4-homework-post-for-task-6-different-types-of-consensus-mechanisms-by-moureenbronia
Good day prof.
Below is my entry;
https://steemit.com/hive-108451/@wilosmith/crypto-academy-season-4-beginners-course-task-6-differnt-types-of-concensus-mechanism-or-or-by-wilosmith
My entry
https://steemit.com/hive-108451/@dibie/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6-or-or-by-dibie
Hello professor @sapwood,
This is my homework post link,
https://steemit.com/hive-108451/@arshani/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-04-homework-post-for-task-06
Thank you prof @sapwood for this great lesson. Here’s the link to my homework.
https://steemit.com/hive-108451/@nancymboghi/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6
This is my home work task
https://steemit.com/hive-108451/@benson6/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6
Thanks prof. @sapwood for this very interesting class.
This is my homework entry.
CRYPTOACCADEMY BEGINNERS TASK 6: HOME WORK POST ON: THE DIFFERENT TYPES OF CONCENSUS MECHANISM BY @gi-de-on.
Here is the link to my task
https://steemit.com/hive-108451/@mondraye/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms
My homework post:
https://steemit.com/hive-108451/@jhayss/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms
Hello prof. @sapwood, please this is my participation:
https://steemit.com/hive-108451/@iddy/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6
Thank you!
Hi Professor, Here is the link to my task
https://steemit.com/hive-108451/@prudent2/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-3
https://steemit.com/hive-108451/@amicablepeace/crypto-academy-season-3-beginner-s-course-home-work-post-for-task-6-or-or-different-types-of-consensus-mechanisms-or-or
Hi professor, here's my participation for the homework post task-6....
https://steemit.com/hive-108451/@allahnawaz03/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-3
Thanks for the lesson sir. Here is my homework entry
https://steemit.com/hive-108451/@acbaby/different-trypes-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6-by-acbaby
Hello professor @sapwood
How are you here is my home work task 6
||Crypto Academy Season 4 Beginners course||Task 6: Different types of Consensus Mechanisms || By @alihassanraza
Profesor aquí le dejo mi tarea.
https://steemit.com/hive-108451/@borisjimenez/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms
Thank you very much Professor @sapwood for the lessons. Please this is my entry to the homework
https://steemit.com/hive-108451/@daakye/crypto-academy-season-4-beginners-course-task-6-different-types-of-concensus-mechanisms-by-daakye
Hello @nane15
here is my task 6 assignment link
https://steemit.com/hive-108451/@abduljawad002/proof-of-work-and-proof-of-stake-steemit-crypto-academy-season-4-homework-post-for-task-6-or-or-by-abduljawad002
This is my entry professor
https://steemit.com/hive-108451/@hazmat/crypto-academy-season-4-beginners-course-task-6-concensus-mechanisms
https://steemit.com/hive-108451/@santosbass2/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-or-or-by-santosbass2
This is my entry Professor (Marked but not yet Curated.)
https://steemit.com/hive-108451/@sonofremi/crypto-academy-season-4-beginners-course-task-6-different-types-of-consensus-mechanisms-sonofremi
Hello professor, here is my assignment link
https://steemit.com/hive-108451/@dhanux94/steemit-crypto-academy-season-4-beginner-s-course-task-6-consensus-mechanisms-or-by-dhanux94-or-for-professor-sapwood
https://steemit.com/hive-108451/@gentles/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6
My submission: https://steemit.com/hive-108451/@a-kallis/crypto-academy-season-4-beginners-course-task-6-concensus-mechanisms
Sir good day my assignment
https://steemit.com/hive-108451/@basky14/blockchain-consensus-mechanism-steemit-crypto-academy-season-4-homework-post-for-task-6
MY SUBMISSION https://steemit.com/hive-108451/@allahnawaz03/blockchain-decentralization-block-explorer-steemit-crypto-academy-season-4-homework-post-for-task-4
Hola profesor @sapwood por acá le dejo mi tarea número 6. Gracias por su clase.
https://steemit.com/hive-108451/@maylinch/diferentes-tipos-de-consenso-or-temporada-4-de-steemit-crypto-academy-or-publicacion-para-la-tarea-6-or-por-maylinch
@sapwood sir here is a link to my home work
https://steemit.com/hive-108451/@ruthjoe/different-types-of-consensus-mechanism-steemit-cryptoacademy-season-5-home-work-post-for-task-6
Hola paso por aquí dejando mi participación en la tarea 6:
Curso para Principiantes de la temporada 4 de Crypto Academy / Tarea 6: Diferentes tipos de Mecanismos de Consenso by @coffeedesing
Dear professor, this is my entry
https://steemit.com/hive-108451/@churchangel/steemit-crypto-academy-season-4-beginners-course-homework-post-for-task-6-title-different-types-of-consensus-mechanisms
Hello @dilchamo pls my homework is more than 48hours and has not been graded
https://steemit.com/hive-108451/@ruthjoe/different-types-of-consensus-mechanism-steemit-cryptoacademy-season-5-home-work-post-for-task-6
This is my entry prof.
https://steemit.com/hive-108451/@ghanaba/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
Hello Prof @sapwood this is the link to my homework task 6
https://steemit.com/hive-108451/@elian23khan/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-4-homework-post-for-task-6
https://steemit.com/hive-108451/@steemtopus/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
Cc
@dilchamo
Hello prof @sapwood this is my link to the homework.
https://steemit.com/hive-108451/@graceyjossy/steemit-crypto-academy-season-5-homework-post-for-task-6-different-types-of-consensus-mechanism-or-or-by-graceyjossy
Hi prof @sapwood, here is my entry for homework-task 6.
https://steemit.com/hive-108451/@elvis101/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
Hello prof. @sapwood it's 7days past and my post is yet to be marked and curated, please look into it sir @sapwood
https://steemit.com/hive-108451/@graceyjossy/steemit-crypto-academy-season-5-homework-post-for-task-6-different-types-of-consensus-mechanism-or-or-by-graceyjossy
Hola profesores @sapwood y @dilchamo, aquí les dejo mi tarea 6
https://steemit.com/hive-108451/@arquez123/crypto-academy-season-5-beginners-course-task-6-different-types-of-consensus-mechanisms-by-sapwood
Feliz tarde Profesor, saludos por aca dejo mi tarea 6:
https://steemit.com/hive-108451/@edittacar86/curso-para-principiantes-de-la-temporada-5-de-steemit-crypto-academy-publicacion-de-tareas-para-la-tarea-6-tipos-de-mecanismos
Saludos, profesor. Acá dejo el enlace para mí tarea.
https://steemit.com/hive-108451/@roaguz/diferentes-tipos-de-mecanismos-de-consenso-temporada-5-de-steemit-crypto-academy-publicacion-de-tareas-para-la-tarea-6
Saludos a todos, aquí dejo mi enlace: Diferentes tipos de mecanismos de consenso - Steemit Crypto Academy Temporada 5 - Publicación de tarea para la tarea 6. @zulma2021
buenos dias profesor paso a dejar mi tarea
https://steemit.com/hive-108451/@lisimar/los-mecanismos-de-consenso-en-sistema-blockchain-crypto-academy-season-5-beginners-course-task-6-different-types-of-consensus
le deseo un buen dia
Good morning, this is the repost of my assignment number 6, since, although it was evaluated by the teacher @dilchamo, it has not been visited by the curator @steemcurator02
https://steemit.com/hive-108451/@arquez123/repost-crypto-academy-season-5-beginners-course-task-6-different-types-of-consensus-mechanisms-by-sapwood
Buenas noches profesor aqui les dejo Mi Tarea 6.
https://steemit.com/hive-108451/@jbjopse/curso-para-principiantes-de-la-temporada-5-de-crypto-academy-tarea-6-diferentes-tipos-de-mecanismos-de-consenso-or-by-jbjopse
Buenos días saludos profesores @sapwood @dilchamo, solicito su apoyo, mi tarea tiene 6 días de publicada ya fue evaluada pero no curada, espero puedan ayudarme, les agradezco de antemano saludos. mi tarea
https://steemit.com/hive-108451/@edittacar86/curso-para-principiantes-de-la-temporada-5-de-steemit-crypto-academy-publicacion-de-tareas-para-la-tarea-6-tipos-de-mecanismos
CC. @dilchamo
Hello professor @sapwood, here is my entry post sir.
https://steemit.com/hive-108451/@solexybaba/steemit-crypto-academy-season-5-homework-post-for-task-6-title-different-types-of-consensus-mechanisms
Here is my link to the task @sapwood sir
https://steemit.com/hive-108451/@graceyjossy/steemit-crypto-academy-season-5-homework-post-for-task-6-different-types-of-consensus-mechanism-or-or-by-graceyjossy
Hello professor @sapwood, this is my assignment;
https://steemit.com/hive-108451/@asibi/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
Hello Sir @sapwood, Here is my repost link to task 6
https://steemit.com/hive-108451/@graceyjossy/repost-steemit-crypto-academy-season-5-homework-post-for-task-6-different-types-of-consensus-mechanism-or-or-by-graceyjossy
Hello @sapwood
https://steemit.com/hive-108451/@kenneth00/crypto-academy-season-4-beginner-course-task-6-different-types-of-consensus-mechanisms-by-kenneth00
Hi professor!
Here's my homework link..
https://steemit.com/hive-108451/@niglys8/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6-by-niglys8
Buenas tardes Prof. por acá le comparto mi tarea
https://steemit.com/hive-108451/@josegonzalito/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
buenas tardes profesora paso a dejar mi tarea del introductorio numero 6 anteriormente había publicado y tenia la etiqueta incorrecta y dicha publicaciones ya tenia 11 dias de haber caducado sin ser verificada y la publique de nuevo
https://steemit.com/hive-108451/@adabalz/crypto-academy-season-5-beginners-course-task-6-different-types-of-consensus-mechanisms
espero su verificación y si cometí algún error al volver a publicar podría hacérmelo saber y evitar malos entendimientos
Good morning professor @sapwood
This is the link to my assignment post:
https://steemit.com/hive-108451/@loverboy10/different-types-of-consensus-mechanisms-steemit-crypto-academy-season-5-homework-post-for-task-6
My entry for task 6
https://steemit.com/hive-108451/@habdallah/proof-of-work-and-proof-of-stake-steemit-crypto-academy-season-5-homework-post-for-task-6